Indiana Bankruptcy Exemptions

When considering Chapter 7 or Chapter 13 bankruptcy many people fret over what assets will be seized by creditors and what valuable possessions can be saved. There are several State of Indiana exemptions available to Indiana residents filing for bankruptcy. When an asset is classified as exempt, it cannot be seized and/or liquidated to payoff debts in bankruptcy. We have compiled all of the Indiana State bankruptcy exemptions and broken them down into several sections with easy to read language and examples of how they would work in a real life bankruptcy case.

Indiana Property Exemptions

Debtors that file bankruptcy in Indiana generally are required to use the State of Indiana exemptions and the federal non-bankruptcy exemptions when protecting property. In a Chapter 7 bankruptcy filing, the exemptions will determine what property the debtor is entitled to keep. In a Chapter 13 bankruptcy filing, the exemptions will be used in determining how much unsecured creditors must be paid.

Federal and Indiana State Exemptions

A debtor in Indiana is permitted to use the federal non-bankruptcy property exemptions and the property exemptions provided by Indiana state law. To utilize the Indiana exemptions, a debtor must have resided in Indiana for a period of at least two years prior to the bankruptcy filing. If not, the debtor must utilize the exemptions as provided for by the laws of the state in which the debtor resided in the two year period preceding the filing. If the debtor has resided in more than one state for the two year period, then the debtor must use the exemptions provided for by the state in which the debtor resided for the greater part of the 180 days that preceded the two year period preceding the bankruptcy filing.

Indiana Bankruptcy Property Exemption Attorney

Contact the law firm of Steven P. Taylor, P.C. at (317) 475-1570 to find out what property exemptions you are entitled to in bankruptcy. Attorney Steven P. Taylor is experienced and knowledgeable in both federal and Indiana state bankruptcy law. Call Steven P. Taylor, P.C. today to determine what property exemptions apply to your particular bankruptcy case throughout the areas of Central Indiana.

Federal Bankruptcy Property Exemptions

According to the federal non-Bankruptcy Code, also known as 11 U.S.C. § 522, a debtor is entitled to certain property exemptions when filing for bankruptcy, unless state law specifies otherwise. Debtors in Indiana are permitted to utilize the exemptions contained in the Bankruptcy Code, including:

Indiana State Property Exemptions

Indiana state bankruptcy exemptions for property are governed by Indiana Code §34-55-10-2. There are additional exemptions outside of the bankruptcy section as wells that can be used in a bankruptcy filing:

Residence up to $17,600 in equity

Personal property and real estate (not the debtor’s residence) up to $9,350.00 in equity.

Resources in Indiana for Bankruptcy Property Exemptions

Chapter 5 of the Bankruptcy Code - Title 11 of the United States Code, which is entitled “Bankruptcy,” contains the federal law regarding bankruptcy. The Code governs all bankruptcy cases in the United States. This link is directly to the property exemptions in Chapter 5.

Contact the law firm of Steven P. Taylor, P.C. today for a consultation about what property you may be able to exempt in bankruptcy in Indiana. Steven P. Taylor will help you determine what property exemptions apply to your Chapter 7 or Chapter 13 bankruptcy case. Call (317) 271-1111 for a consultation about filing for bankruptcy in Central Indiana.

We are a debt relief agency. OUR DEBT RELIEF LAWYERS help people file for bankruptcy
under the united States bankruptcy code. IF YOU NEED DEBT RELIEF, OUR LAWYERS ARE
READY TO HELP.